Thank you, Rodrigo. Good morning, everyone, for participating.

We have our Wilson Bley, our CEO; our Investment Director, Leura Lúcia; our Accounting Director; and our IR team. I will hand it over to our Wilson Bley for his initial considerations.

Good morning, everyone. Very briefly, I would like to contextualize the numbers we will be presenting in this presentation release of 4th quarter last year.

We are moving towards universalization in an accelerated way. We reached 82.4%, and if we apply the new ANA resolution using the potentials, we might have additional numbers reaching almost universalization determined for 2033.

Our objective is to reach it in 2029. For that, we need a lot of investment.

Last year, we had a record 2.7 billion in works, which adds to the stocks in works ongoing. It shows how robust this company is in terms of being able to translate this in works which are complex but brings results, especially for social inclusion and public health.

Almost 12 million people are being served. Something to highlight is the increase of new economies.

There were over 100,000, or around 100,000, in sewage economies and 70,000 in new economies of water. If we compare it, this increase represents the highest average number in Paraná, if we compare with the city of Colombo with 70,000 people.

We almost brought a new municipality of middle size inside Paraná. This brings and translates an increase in revenue, as you will see, it's quite exponential.

We managed to approve the continuity of this universalization, a robust plan of investment, in which we have sewage predominantly, but without forgetting the water systems. We are projecting investments of 3.1 billion reais in the next 5 years.

We might be the few companies in sanitation and mixed companies so robust for this kind of investments. With a lot of tranquility in terms of receiving funds for what is projected.

Now, of course, with all this increase and this new plant, everything that is added to what we already have, the expenditures tend to increase, we are trying to find the right balance between this new expenses, within the necessary for them to be able to give way to this increase in revenue and investments that we are making in a very accelerated way. We managed to keep the EBITDA margin close to 40 40%, which is very traditional within the company, and we are making some concrete actions.

We have some workers that agreed to leave the company, and we added new workers, more motivated and with lower values in their compensation. This is demonstrated by our survey as something very well accepted within the company.

Over 80% approved totally this regime that is established in terms of governance within our company. So 80% of our workers approve that.

This is very interesting to understand that the more the pack, the more the operational cost, but we are always trying to find this balance to make it reasonable for everyone. Sanepar is going through a big moment.

It's national and international highlight, especially in what concerns innovation, operation, investments. Recently, we launched this Sanepar 5.0, which is a version of technology, innovation that in the future will make our operational costs cheaper, bringing what we have in the best in the market to be part of our day-by-day.

These are my initial words. I trust the future, and this transparency is very important in this big moment Sanepar is going through.

Thank you, President. Rodrigo, we can start our presentation.

Now let's go through the highlights of the year 2025, 4th quarter of 2025. As our investments were records, we reached on the 4th quarter 789 million reais in investments.

In 2025, it was 2 million 652 reais, which is an increase for 2024 of 38.8%. Concerning operational efficiency, also the default of 0.6%, and it's in line with our regulations.

It's very important for this to be contemplated in the tariff of the company. The invoiced volume increased 1% in 20 compared to 2024, and on the 4th quarter, we increased 1.1% compared to the 4th quarter of 2024.

We compared in 2025 with 2025. Concerning sewage, we increased 2.6% and also 2.6% compared to the year of 2024.

Our net revenue increased 6.5% in the 4th quarter 2025 compared to 2024, and 5.2 in the year of 2025 when compared to the year of 2025. The the net margin -4.1 compared to 4th quarter, and +6.3 versus 2024, with a leverage 0.6 times EBITDA.

Some recognitions and governance, like the Transparency Award, some Solidarity Seal, and honorable mention due to our ESG causes, which is extremely we have the ESG in our DNA. In the next slide, let's go through the operational results.

As we saw, in water, we had a a volume with an increase of 1 1%, the volume increased 1% as well in the invoiced volume. The volume collected the sewage collected and invoiced, we increased also 2.6.

The number of the connections, we had an increase of 1.3%, which was 46,564 new connections, and 1.6% of increase in sewage economies, with over 6,000 new economies, which shows that despite the company's universalized in terms of water since 2007, we continue with a with a robust growth. Concerning connections, 2.6%, reflecting the universalization, 66,954 new connections, and more than 100,000 sewage economies.

What the President said, over 100,000 economies, and over 70,000 economies of water. It's around 170,000 new economies in the year 2025.

Now let's see the reservoir levels. We closed the year of 2025 with 84% of our reservoirs with water.

Iraí 70%, Passaúna 90%, Piraquara 96%, and Piraquara II 76%. The most updated level is in our site is approximately 87% of the volume the reservoir levels today.

Our service index, the legal framework which obliges us to serve 90% by 2033, and 90% is sewage by 20 2033. We are moving towards universalization, we reach 82.4%.

100% of volume is treated by the company, and we kept this service with 100% with treated water for the population, the urban population. Next slide, let's go through the financial indicators.

We saw the default in 2025 was 0.6%. In this regard, I highlight that as important as the default is the level reached in the past 3 years.

In 2023, we had a reversion of default, 2024 default of 0.7%, and this year a little lower, 0.6%, which is important because we know that the raging the the the invoices are not paid, they go back to the tariff, the lower the default, the lower the tariff in the revision of tariffs, because losses per connection, we had a reduction compared to 2024. We closed the year of 2025 with losses of 222.7 liters per connection per day, less than 223.1 recorded in 2024.

Margin EBITDA, 41.1%, in line with 2024. ROE, 17.9%, and ROIC, both ROIC annualized of 12%.

In the next slide, let's talk about our quarter results. We increased in 2025, we increased 5.2%, reaching 7 billion 206 million in net revenue.

Our EBITDA increased 0.9%, reaching 2 billion 964 million. Our net profit reached 2 billion 80 million reais, with an increase of 34.6%.

The costs and expenses increased 8.4%, with 4 million 242 million. Our EBITDA margin compared to 2024 was 1 1.8% lower, 41.1%, and the net margin increase reached 28.9% in 2025.

Now let's go through the quarter results, the main impacts we had. The net revenue increased 6.5% compared to 4th quarter of 2024, a little better than 2024, that increased 4.7%.

The costs and expenses with personnel increased 12.7%, reaching 434 million 988,000. These 12% are reflected as a result of labor compensations registered in the period, the results of the company's work in terms of judicial settlements.

This labor compensation indemnizations, they refer to a reversion of provisions, and we took out from that and launched in the personal expenses. If taking out this effect, which is close to the result, we would have an increase of 12.56%, excluding this provisions, because, as we said, they they were recorded in the item of provisions.

PPR, -12.5%, this is the profit. Material, a reduction of 9.2% in the and the impact was a reduction of 15% of of chemical products.

It's it's important for maintenance of our operations, the the this the utilization of these products, and that the prices of these products are accessible. Third third part electricity, we had a reduction of -7.4% compared to the same period of last year.

We reached 114 million reais as a result of migration of the free market. The issue of electricity, as we saw, has been a constant issue in 2025.

Of course, this movement is being consolidated from 2026, we should have stability. When we talk about third-party services, we can open this it is the PPPs, and we had on the 4th quarter of 2024, we had PPPs of an expense of 12 million, in the 4th quarter of 2025, a variation of 25 million reais that impacted this third-party services.

Excluding the PPPs, we have an increase of of 16% increase, especially impacted by maintenance services that increased and technical services that increased over 65%, and other set technical services, operational, maintenance, which impacted this account. The general and taxes, 7.7% increase, in line with the usual expense, inflation plus expense, judicial provisions and regulations, a more positive result, as I said, because of personnel.

We had an increase of launch in the indemnizations and reducing the provisions, judicial provisions. The number was better.

We have we have more than 47 million against 13 million of the 4th quarter of 2024. The provisions for health insurance and health plans, 5,975,000.

Expenses and financial revenue, a reduction, -35.2%, and other costs and expenses increased 43%, impacted mainly by the issue of PDD done in December, around 48 million reais. If we the issue of PDD, which is recommended by our independent audit, it was important in the sense of of being adherent to the accounting norms and what the audit required from us.

When when we see the next slide, accumulated results, in the personnel account, just to review the account, we increased 18%. We have to remember that the provision for indemnization of PDV of of all the of the 500 employees that left, that was a provision in an indemnization of 170 million reais.

The personnel account was impacted because of this these people who left voluntarily. In the account of of expenses and revenue, we have a we have an adjustment of the asset of 183 million net compared to 2024, due to the increase of the discount rate of interest versus what was actual in 2024.

The PDDs, we had 48 million compared to the in the quarter, but in the year, when we compare to the year of 2024, this account of PDD increased 113 million reais, it impacted in other costs and expenses an amount quite significant compared to 2024. When we add up PDV, AVP, this and the provisions for 100 we have these three items 400 over 400 million, which were registered and impacted in the results.

Besides that, the provision civil provisions, around three big actions recorded in the year in provisions, which were the provisions of the Itaú audit, or the piece of land of [unclear? / Igapó] province in Ponta Grossa, and that added in in this amount.

These are some main points reported in the year of 2025. In the next slide, let's take a look at the CAPEX.

Last year, we invested 1 in 2024, 1 billion 912, and in 2025, 2 billion 653, over 38.8%. For this year, we are predicting 2.6 billion again of investments.

The investments were were 31% in water, 54% in, and 15% in in in other. The resources, 65% own resources, and 35% third-party resources.

Obviously, with a more robust cash money, we didn't we did not have to borrow money because now the Selic is very high, we did not have the need to look for resources for our investments. The net debt and leverage, in the short term, the debts that are due in 2026, 900 over 900 million.

It's it's very in line with 2025. It's the the long-term debt, 6 billion over 6 billion reais.

The total EBITDA, 7 billion and 60. We had a net debt 700 billion, 0.6% of EBITDA of the the generation flow, an increase of 154% and a conversion of 238%.

The increase of the cost of third-party capital, it's impact in VP due to the increase of the discount rate, reaching 12%. We hope that for 2026, we with the stability of or the fall of Selic and and the level of if and if the inflation is stabilized, we might stabilize this increase which we verified in 2025.

Our debt breakdown is well distributed among the indicators, with no pressure, and 1/3, 33%, in TR, which is the biggest part on the right side of the graph; IPCA, 27%; DI, we have around 30%, which the 27% which is with NDI, but we also have 3% more of of gold, around 30% connected to DI; IPCA and FIP, 4%; we know 4%; and so it's a it's a predictable debt with indicators, national indicators, all of them very well aligned. Now our covenants and our obligations with our creditors, we have with BNDES, the finances with the by debentures bank, we have debentures 4th and 7th issues.

The three covenants established are fulfilled, whether it is the debt the net the bank less or equal to 3 EBITDA, and other 1.5, other debts less or equal to 1. All of them fulfilled.

Our contracts with Caixa, we have contracts that foresee some clauses of covenants, EBITDA adjusted by it's 1 or higher than 1.5, and we have 1.7. So 0.4 in other debts, and 0.3 with EBITDA adjusted, we are quite comfortable here.

We issued in 2025 the 375 million, which were obtained through Banco do Brasil for investments for the [unclear? / Xaxim] sewage treatment station.

We have a condition of debt service coverage ratio of 1.5, and EBITDA adjusted by adjusted EBITDA net financial expense, we have 0.4%, meeting these indicators. In the in the we have the debentures issues 9th to 13th, also two indicators.

The the debt is less or equal to 3, we have 0.4. The adjusted, we have 128.7.

The contracts KfW, we went through all what was mentioned before, the level of debt, the limit is is 60% of debt, we have 53% by the end of 2025, reaching this clause predicted in the contract. Now let's go to our balance sheet, the main variations, positions in 2025.

The net debt reached 2 billion 219 and 45,000, it's made up of cash and cash equivalent, financial versus the financial investment versus loans, financing, and debentures, and dividends, and interest on equity. We we had 213 5%, and the issue of loans, financials that increased 11.5%.

The turnover closed 445 million 78,000, a decrease of 45.9% as a due to receivables lower than 2024, from 1 billion 411 million to 1 billion 283 million, a reduction of 9.1%. The stocks increased from 73 to 97 million, an increase of 32.5%, and the contractors and suppliers from 33 million to 516, an increase of 53%.

Salaries and an increase of 31.1%. Other assets and liabilities, in a reduction of 89.3% due to the liabilities compared to the writs of payments.

In this issue, in other assets and liabilities, an important account in assets in the contracts, ongoing constructions, the increase to 3 billion, an increase of 32.7%. Our net asset was 2 billion, and our turnover, operational turnover, was measured in 23 days of the year of 2025, better than the 45 days verified in 2024.

The cash flow, what we see, as we saw in the previous slide, an operating activities of 7 billion 60 million, an increase of 154% due to the net profit adjusted, a decrease of 36%, and the and the and the So these are the main reflections of operational. The activities of investments with a with net 2 billion 615, and the activities of financing consuming our cash flow 637 million.

We we we received over 400 million, and we we and the loans for finances, 915 million, and other variations, 68 million 348,000. There was an increase of 3.8 billion so with a important increase.

That was the presentation of the 4th quarter of 2025. We are available for any questions and other clarifications that need to be done.

Thank you, Rodrigo.

"Concerning the writs of payment, could you give us an update about the expectation of the company concerning the current dealings and the conclusion of the process?

Could you comment if the tariff process in 2025 we could see an effect due to the devolution of writs of payment, or should we wait for next year?"

Thank you for your question, Ricardo and Guilherme question too. Concerning the writs of payment, as publication in the Diário Oficial, in the official journal, was communicated to the market, the regulating agency of Paraná, Agepar, declared that it is analyzing the writs of payment.

The company has answered the questions of the agency about the process, and it's awaiting. Right now, we have no definition about the theme.

As I said, this is in charge of this team of work that is intersectorial, which was constituted by the agency, and the company was authorized by the Administration Council to make adjustments for 2026. This has to be analyzed by the agency by April 17, 2026 because the tariffs they go until 17 May, they are in force until 17 May.

We don't think the two issues are separate issues. Writs of payment and readjustments are two separate things, but I cannot say for sure what is the date when they expect to give us an answer.

We depend on the conclusion of the work by the agency, and this depends on the board. Right now, we cannot give a precise answer, but we understand that this work is quite advanced, and this first semester of 2026, we should have a definition by the agency.

"About the line of provision for contingencies in DRE, could you clarify if the company is acknowledging only additions and reversions, or if the payments are impacting the results?"

João, thank you for your question. In this regard, I will hand over to our accountant, Ozires, for him to be able to answer.

Good morning. Thank you, João, for your questions.

In name of the board, I thank to be participating in this event. Yes, João, the effect in the result is integral.

We have a provision because it has a value recorded as liability, contingent, and the moment it is paid, there is a judicial deposit. The effect of this payment is reversed, and the net impact is in the account, whether it's labor or civil or environmental, the impact is integral.

"The company announced the CAPEX announced for next years. The sewage universalization will be reached before the deadline?

How is the PPPs?"

Good morning, Luiz Carlos. Thank you for your question.

I hand over to our Investment Director for her to be able to answer.

Good morning, everyone. Concerning the meeting our targets, we work with a very strong planning.

The investments, they are not born without projects, without all the technical elements that we need. We have been managing to reach our purpose of reaching almost 100% of what we had planned.

Obviously, we have some problems in the middle of the way: licensing, environmental licenses that require deep studies by the body to authorize the cut of trees, and so we have the issues of tenders. In some cases, we have not been successful in the first attempt of tender.

Many times, we need to review some technical points. All these issues causes to work, and the more planned, the better.

We work strongly with the purpose of reaching universalization before 2033. It's quite a big volume of work, it's around 600 different initiatives, or works, in the state this year.

We are working around this number, more than 250 works of high level. In 2025, we had three big works, which are very representative for the company: the conclusion of Miringuava reservoir, the cut of the trees, the building of roads to prevent the people who live in the area, prevent them from having problems accessing their houses.

Now, by the end of 2025 and beginning of 2026, we initiated the filling of the reservoir, of the lake. This was over 200 million reais invested, and they will have now an effect both in investment and remuneration of capital.

We had another reservoir, which had an anchor in terms of judicial adjustments. It was signed in 2018.

We managed to reach the net phase of treatment in 2025. We continue with the work, but it's in a solid phase, the gas phase, and that's why I understand that yes, we will be able to reach the universalization before 2033.

This is our main goal. Concerning PPPs, Abel might add something, but we are working strongly.

The beginning is always slow because we have three batches in the countryside with different companies, each one of them now getting acquainted with the places, developing projects, approving together with the company how we are going to serve the population, but all of them are ongoing as we imagined, as we projected. I believe we have a good prognosis to meet the new framework.

I think you mentioned three works, but you mentioned two. That's correct.

The third work is Estação de Tratamento [unclear?] , which is today it must be around 60% or 70% of it close to its conclusion.

It cost over 350 million reais, and it will bring significant gain environmentally speaking and operationally speaking. It's a region that expands its sewage treatment, and as we saw in the presentation, we have treated 100% of our sewage.

So [unclear?] , it has the same fine purpose, but no less important, dozens of works that are ongoing and that some are coming from 2025, but they are in their phase of implementation for 2026, and others that will start in 2027.

Our plan of investment shows that this is a robust investment for many years still for us to reach universalization. I would like to add something related to PPPs.

Remember that in 2025, three batches in two microregions, the microregions Center-East, they started being served by the PPPs companies, and financially speaking, we received payments, so that was a reinforcement. We reached 95.2 million of paid bills in 2025, which reflects the beginning of the activities in the three microregions where the company had the tenders for PPPs.

Thank you.

Thank you, Reinaldo. Thank you, Renan.

When we look at the personnel costs that increased on the 4th quarter 12.7%, as I mentioned, one of this aspects of growth was the issue of the labor indemnizations where we had some provisions and the expenses that affected the personnel account. Taking out this effect, it will always have an effect this compensations, labor compensations, but in the period the increase would be 12.56%, the company in the past few years, due to some actions, the union won a case, there was an increase, and the company made some actions, the PDV is one of them.

This was more than 174 million reais paid in compensations in the sense that causing this turnover, this necessary turnover for the employees who have been with us for a long time can leave and we can bring new employees. This was done so much so that the number of employees, which was six over 6,000 employees, we have 5,000, there was a reduction.

This has an impact in the third parties' account because sometimes we have to use the third-party services to make up for the labor. This is the issue the company has been looking carefully the increase of costs in health care.

This has impacted the companies in the past few years. The cost has been increased above inflation.

We've been talking about our social service, that take care of this health insurance, they understand the need of looking at it very carefully. We have some initiatives to decrease over time, and some actions related personnel.

We are taking some actions so that this curve of increase in personnel is adherent to the regulatory issues, because this has an impact in what Sanepar grants in terms of tariffs. It grants a tariff that is updated by inflation.

We need to be very aware, but we believe that as of 2026, due to the benefit that PDV must bring, since it was quite a relevant PDV, part of it might be reflected in the year of 2026 and the following years.

"Yesterday Sanepar announced that it requested the adjustment for 2026. What was the percentage requested?"

Second question: "There are two great values in nonrecurring items: 55 million of provision and 51 million of some installments. Could you explain these points?"

Luis Carlos, thank you for your question. Yesterday the Council Board authorized the request for the regulating agency based on our methodology.

Last year, we had the tariff review, which was the third review for tariff concluded in 2025. Now we will have 3 years of IRT, it's an index of adjustment, which are these ordinary adjustments which are requested by the company every year.

This is an ordinary issue of the company. The company does not announce the percentage requested because the decision is up to the regulatory agencies.

It's not Sanepar that defines the tariff. In this sense, the company does not create an expectation because, obviously, every calculation we send to the agency, the agency will make a calculation and they will determine the adjustment.

The deadline is April 17 because it needs to publish the results 30 days in advance, which is May 17. Right now and when the agency defines, we will communicate the market informing the percentage and whatever the decision was concerning our request.

Concerning our second question, I will hand over to Ozires so that he can add to your question.

Thank you, Luis Carlos, for your question. You mentioned two amounts in a nonrecurring effect that we showed, 75.9 million in a line of provisions.

In actually, this is a complement of our regulatory receivable related to the amount we have recorded. We added something for this amount to be reconstituted until the final decision by Agepar.

Concerning the other amount that you questioned, 51.5 million, this complementary PCLD is expected loss in credits that we realized related to a work we did revisiting our portfolio. In the last quarter, we recorded this amount.

It refers to the clients who has not paid his bills, his current bills, and has no installments. We visited our portfolio and discussing our independent audits, also to meet the CPC 48 norm that rules the asset and liabilities, we constituted this complementary amount and revisited our policy of constitution of losses for clients.

Hi, Felipe, thank you for your question. This is a future issue.

It's hard to answer right now, but obviously, when the company reaches universalization, in its areas of work, speaking of Sanepar, that has a high CAPEX and have to maintain 100% universalization, 100% of treated water for the population and water resilience that will be important for the companies in the future, we expect the expenses to come to a level of reposition of assets, which is a level close to depreciation, amortization. Obviously, from this point on, we have resources left.

How we will use this remaining, let's say, fund, this depends on the company, on decisions, because as the effort that many companies have made in terms of investments, and these are objectives that sometimes compete with investments and distribution of dividends. Of course, I believe we have a good perspective, but this is a step that in our case, not only in our case, but in the case of the companies, those who are concerned about universalization investments, this will be a second step discussion.

Of course it makes sense to question this, but it will depend on future decisions.

"I observed the interest on capital they do not have a defined payment date or com-date even after being approved in council or assemblies. Why this is still not totally defined?"

Thank you for your question. The company Let me check the release.

The company in the past few years has paid dividends in the months of in June every year. It has been paying annually every year.

When we look at the history, last year, 2025, we paid on June 26; in 2024, we paid on June 27; and in 2023, June 27; and 2022, June 24. Why these dates are so they coincide?

Because the company, according to its statutes, it has 60 days to make the payments of dividends after the GO realization, the ordinary assembly which is which is done by April. Once the GO approves the distribution of dividends and interest over on capital, the company, based on its dividends policy and in conformity to its statute, it pays after 60 days.

This has coincided with the month of June of every year. As a result, so this is when the company makes its payment.

As I said previously, it is concluded. The civil work are concluded, all the cuts of trees, destination, are concluded.

We had a provision of 10 to 12 months to fill the reservoir. The first months, now January, February, they had rain below the average, which is not interesting for us.

We are expecting the month of March to bring us enough rain so that we reach the expected level so that we can reserve the water inside the lake to reach the 2,000 liters per second, which was how the project was idealized. We don't need all this amount right now, we understand that the reservoir is operating.

In some situations throughout February, we made use of part of the water which was there. We made use of it so that we didn't experience any lack of water and shortage of water.

Our main goal right now is to save, to reserve this water, but we can say that it is in operation.

"CAPEX has been increasing above the revenue in the past quarters. What is your expectation for 2026?"

Thank you for your question. Yes, indeed, we have been observing, especially in 2025, an increase above inflation at least measured by IPCA.

Of course, like many companies, we suffered with an issue that is very structural in the sector. The sector is heated, and when we see the INCC, which is the national index, while inflation closed in 4.6%, we have around 9% at the end of January 2026.

When we talk about pipes and connections, we had an increase of 17%. The sector brings some challenges for us in the sense that not always inflation that measured by IPCA is reflected in our contractual costs.

Many times they are connected to the inflation by Getulio Vargas. We had some nonrecurring events in 2025, as I said, which impacted strongly the costs.

When we speak of a personnel account that is increased by a PDV, which was quite robust, this was done with the objective of allow people to leave and enjoy their pensions, bring new talents to the company, but also reduce the expectation of salary in the next years. This was done, and the price was paid in 2025.

We had some, in terms of not so operational, but more financial issues, the APV, which is the contract assets, we expect it to be reflected in 2026. The PPCs, we always need to observe that it's not a key that you turn off, turn on.

An operator that is in a station, you cannot just remove him from that and you have a PPP and you have that cost suppressed. These issues of changes, even of change of paradigm in the operation, in this case of PPPs, they had a reflection in 2025.

What we see that in at least on the 4th quarter of 2025, we have an improvement in what was realized. Although the total costs and expenses has increased 11.8%, when we take out the effect of PDD, which is a change in politics, something that has always been executed and changed, we would have an increase of 7.6%.

When we take an inflation close to 5% plus the increase of in 2% to 3%, we see that it begins to be aligned with what is expected for the company in terms of costs. Obviously, the company has its control bodies, administration, the council, the board, and the council is always demanding from the board.

We are engaged in bringing the costs to lower levels, to reasonable levels, but some nonrecurring effect affected exceptionally the year of 2025.

Thank you. I'd like to thank you once again your participation.

Thank you for your questions. If by any chance any question has not been clarified, feel free to send your question by email to the RI channel.

You may ask for more clarifications. We are available to answer every answer.

Thank you for your participation, for trusting our company. Thank you and good weekend.